China is attempting to acquire overseas assets in the mining and metals industry. I read this article in The Wall Street Journal this weekend that was another indication of China's attempt at becoming the NEW Super Power!
The title of the article is "China Likely to Continue to Drive Mining Consolidation". Here's are excerpts taken from the article:
BEIJING- Chinese companies are making takeover bids for mining companies in Australia and Canada, highlighting the country's growing demand for resources amid a separate takeover battle that could yield the industry's bigger merger ever.
Executives in China's steel industry and other sectors have been weighing possible options in response to the BHP move. One possible step, Chinese analyst say, is to step up China's overseas acquisitions efforts, to lock up as much as possible the world's relatively few remaining deposits of mineral and other resources.
MINING ASSETS
Some Chinese acquisitions of overseas assets in the mining and metals industry:
- June 2007: Aluminum Corp. of China announces $757.5 million bid for Canada's Peru Copper
- August 2007: China Metallurgical Construction Group agrees to buy Australia's Balmoral Iron Holdings for $347.8 million
- December 2007: Chinese resources trading house Sinosteel Corp. offers about $1.1 billion for Australian iron ore developer Midwest
- December 2007: Minmetals Non-ferrous Metals, Jiangxi Copper bid $449 million for Canadian miner Northern Peru Copper
Here's a link for up-to-the-minute China MARKET news headlines click here.
3 comments:
I wonder what they're up to??? I didn't know they wanted to rule the world... I thought they were just an emerging growth country!
China is just looking out for itself. Sometimes I think that America should do likewise, and pull its nose out of everybody else's business.
We can start by closing the overseas military bases and bring the troops home. There is plenty that needs to be done right here on American soil. Securing the nation's borders would be a good place to start.
-Mammoth
Yeah, I totally agree with you Mammoth. We, meaning the United States of America needs to re-direct our focus to our people and our soil. Homeland Security is so intent on Airline security that they have neglected our ports.
Plus, there have been talks about building the Great Wall of China along our southern borders and I've heard NO mention about our northern borders. Anyone right now can WALK through the Canadian border at least 100 yards away from the border post.
Anon, I question the same thing. What is China's motive really? I have discover more stuff that I will share with you all next week. I've already bombarded you with a lot of new information.
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